B - Orange Company acquired land and buildings for $100,000 on 1 January 2015 . The land at that date comprised 20% of the total cost. At that date the estimated useful life of the buildings was 20 years, with $8,000 residual value. Required: 1- Assume that Orange was decided to recognize land and buildings under the cost model, prepare a five-year depreciation schedule for the buildings under both straight-line and the reducing-balance methods. 2- Assume that Orange was decided to recognize land and buildings under the revaluation model, with revaluations taking place every live years. On 1 January 2020, five years later, a surveyor valued the land and buildings at $140.000, of which $30,000 was attributable to land. The estimated useful life and residual value of the buildings remained the same. a- Prepare the journal entries required to record these transactions on 1 January 2020 under the straight-line method. b. Compute and record the depreciation for the year ended 31 December 2020 under the straight-line method